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Deals
- R4bn Tronox deal funds two 100MW solar plants
- Billions to help Redefine build green properties
- Harmony pursues green goals with R10 billion loan
- Cold solutions finance for cold storage facilities
- International Finance Corporation green bond fund
- Envusa energy deal: The way for renewable energy
- Paladin Energy senior debt funding partnership
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- Stor-Age’s successful inaugural bond auction
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- Green energy in the developing world | Nedbank CIB
- How sustainable finance creates value
- How the property sector recovered in 2023
- Two wins for sustainable finance leadership | Nedbank CIB
- FURTHER IMPACT empowerment for entrepreneurs
- There's a new buoyancy around water and sanitation
- What happens when finance meets sustainability?
- Africa’s renewable-energy projects
- Breaking barriers for energy transition in mining
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- African Mining Indaba | Nedbank CIB
- COP 28 | Nedbank CIB
- South Africa (SA) Auto Week | Nedbank CIB
- IHS Affordable Housing Conference | Nedbank CIB
- Africa Energy Forum | Nedbank CIB
- Africa Down Under Conference 2024 | Nedbank CIB
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- SARB: Shifting to a 25 bps hike, from 50 bps
- SARB MPC: Repo unchanged but still hawkish
- Bonds, the monetary surprise and fiscal dominance
- Upside for bond investments has compressed
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- Award-winning in sustainable finance and digital
- Deals
- R4bn Tronox deal funds two 100MW solar plants
- Billions to help Redefine build green properties
- Harmony pursues green goals with R10 billion loan
- Cold solutions finance for cold storage facilities
- International Finance Corporation green bond fund
- Envusa energy deal: The way for renewable energy
- Paladin Energy senior debt funding partnership
- Renewable energy wind farm financing
- Stor-Age’s successful inaugural bond auction
- R4bn Tronox deal funds two 100MW solar plants
- Billions to help Redefine build green properties
- Harmony pursues green goals with R10 billion loan
- Cold solutions finance for cold storage facilities
- International Finance Corporation green bond fund
- Envusa energy deal: The way for renewable energy
- Paladin Energy senior debt funding partnership
- Renewable energy wind farm financing
- Stor-Age’s successful inaugural bond auction
- Women of Corporate Investment Banking
- Young Analyst Programme
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- Africa's pathway to a climate-resilient economy
- Commercial property trends 2022
- Green energy in the developing world | Nedbank CIB
- How sustainable finance creates value
- How the property sector recovered in 2023
- Two wins for sustainable finance leadership | Nedbank CIB
- FURTHER IMPACT empowerment for entrepreneurs
- There's a new buoyancy around water and sanitation
- What happens when finance meets sustainability?
- Africa’s renewable-energy projects
- Breaking barriers for energy transition in mining
- Africa's pathway to a climate-resilient economy
- Commercial property trends 2022
- Green energy in the developing world | Nedbank CIB
- How sustainable finance creates value
- How the property sector recovered in 2023
- Two wins for sustainable finance leadership | Nedbank CIB
- FURTHER IMPACT empowerment for entrepreneurs
- There's a new buoyancy around water and sanitation
- What happens when finance meets sustainability?
- Africa’s renewable-energy projects
- Breaking barriers for energy transition in mining
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- African Mining Indaba | Nedbank CIB
- COP 28 | Nedbank CIB
- South Africa (SA) Auto Week | Nedbank CIB
- IHS Affordable Housing Conference | Nedbank CIB
- Africa Energy Forum | Nedbank CIB
- Africa Down Under Conference 2024 | Nedbank CIB
- Industry leaders talk innovation disruption | Nedbank CIB
- Market leaders in property finance | Nedbank CIB
- African Mining Indaba | Nedbank CIB
- COP 28 | Nedbank CIB
- South Africa (SA) Auto Week | Nedbank CIB
- IHS Affordable Housing Conference | Nedbank CIB
- Africa Energy Forum | Nedbank CIB
- Africa Down Under Conference 2024 | Nedbank CIB
- Industry leaders talk innovation disruption | Nedbank CIB
- Market leaders in property finance | Nedbank CIB
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- SARB: Shifting to a 25 bps hike, from 50 bps
- SARB MPC: Repo unchanged but still hawkish
- Bonds, the monetary surprise and fiscal dominance
- Upside for bond investments has compressed
- The "weak China trade" on the rand exchange rate
- Dovish inflation surprises and fiscal constraints
- The ILB curve steepens, and we expect more
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- How loadshedding impacts inflation | Nedbank CIB
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- SA inflation trends, insights and projections
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- SARB: Shifting to a 25 bps hike, from 50 bps
- SARB MPC: Repo unchanged but still hawkish
- Bonds, the monetary surprise and fiscal dominance
- Upside for bond investments has compressed
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Nedbank adds US$62,45 million to sustainability-linked debt transaction for GRIT
Nedbank adds US$62,45 million to sustainability-linked debt transaction for GRIT
Staff writer
Posted 11/05/2023 2 mins
Grit Real Estate Income Group Limited able to offer scalable and sustainable solutions thanks to successful refinancing.
In 2022, Nedbank Corporate and Investment Banking (CIB) closed off a year of impressive national and international finance deals by facilitating a US$62,45 million contribution to the largest transaction in the real estate sector ever concluded in sub-Saharan Africa (excluding South Africa).
The deal involved the successful refinancing of a sustainability-linked term loan and revolving credit facility to the total value of US$306 million for Grit Real Estate Income Group Limited (GRIT). GRIT is
an award-winning, impact-focused, pan-African real estate group with an impressive track record of investing in, developing and actively managing a diversified portfolio of assets on the African continent, underpinned by predominantly US dollar- and euro-denominated long-term leases held by high-quality multinational tenants.
CIB’s participation in the GRIT syndication deal was led by its Property Finance Africa (PFA) Team.
According to Gerhard Zeelie, Head of PFA, the total funding amount included multi-jurisdictional debt syndication covering GRIT’s assets and debt facilities in Mozambique, Zambia, Ghana and Senegal, as well as a corporate-level revolving credit facility in Mauritius.
‘Seven of GRIT’s existing debt exposures were consolidated into a single new sustainability-linked, cross-collateralised facility,’ Zeelie explains, ‘thereby streamlining GRIT’s loan management processes thanks to a longer debt tenor, greater efficiencies and flexibility, and optimum pricing.’
Zeelie also points out that the new facility is linked to GRIT’s carbon emission reduction and gender equality targets, which create incentives for the group to increase its focus on transforming its assets and delivering enhanced positive social and environmental impact through its investments.
‘The way in which the finance is structured effectively creates the opportunity for GRIT to deliver scalable and sustainable solutions for the future,’ Zeelie says, ‘which is precisely the kind of impact that Nedbank CIB seeks to enable through its finance partnerships with all its clients, not only in the property finance sector, but across all industries and sectors in which we operate across Africa.’
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